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- SoFi Technologies (NASDAQ:SOFI) stock surges 15% in premarket trading after the digital loan platform company Q4 results topped consensus estimates and its guidance was stronger than expected.
- This comes as SoFi starts to see the effects of getting a national bank charter through its acquisition of Golden Pacific Bancorp.
- Oppenheimer analyst Dominick Gabriele increases his 2022 revenue and adjusted EBITDA estimates for SoFi (SOFI). He now expects revenue of $1.57B vs prior estimate of $1.4B and adjusted EBITDA of $182M.
- "SOFI continues to edge to profitability while growing out its businesses and efficiencies are materializing," said Gabriele, who rates the stock Outperform.
- The jump in SoFi (SOFI) shares in Tuesday's after-market only offers a 6% potential upside for BofA Global Research's $14 price target. As a result, BofA downgrades the stock to Neutral. "We think risk-reward is more balanced from here," the note said. "2022 guidance is back-end loaded and we think it could take some time for investors to gain confidence it can be achieved."
- SA Quant rating on the stock is Hold, while the average Wall Street rating is Buy.
- From Tuesday, SoFi (SOFI) stock climbs 15% after FY2022 guidance tops consensus